How do I use untied to deal with other currency transactions?
Last update 30 December 2019
While most transactions will be converted into pounds before they hit your bank statement, there may be some things that remain in another currency.
In these cases, convert the amounts into pounds and enter the pound amount into untied as a manual entry (press the plus button and add money in/money out). You may want to include the original currency amount in the description, and to add evidence so you have a note of where it all came from (you may need to click on advanced to get to this).
It's reasonable to use the exchange rates that you would experience. So if you withdraw dollars from an ATM and have a rate of 1.24, that is the rate to apply to your cash expenses during a US trip (rather than the formal exchange rate which may be significantly higher).
If you have a foreign currency account for lots of small level expenditure, eg that you use for business travel, then take an average exchange rate that's reasonable.
There are lots of websites that allow you to convert amounts on given dates. If you're in doubt, then HMRC produce their own set of exchange rates.